Venezuelan President Nicolas Maduro on Monday appeared to have secured another term in office, gaining 51 per cent of the vote, with opposition candidate Edmundo Gonzalez Urrutia winning 44 per cent.
But the opposition coalition has called the results rigged, with leading opposition figure Maria Corina Machado – who was barred from running in the election – saying Mr Gonzalez Urrutia had in fact secured 70 per cent of the vote.
Volunteers with the Citizen Encounter Party, a key part of the opposition coalition, had been monitoring voting centres across the country throughout the day. The party reported that the electoral commission had stopped sending votes from up to 30,000 polling stations to a central counting authority with the aim of obstructing the election.
Speaking to the media after the results were announced, Mr Gonzalez Urrutia, a soft-spoken former diplomat who was thrust into the political limelight this election cycle when Ms Corina Machado was blocked from the ballot, said: “Our fight continues. We will not rest until the will of the Venezuelan people is respected.”
Following the announcement, hundreds took to the streets of Caracas and other large cities to protest against the results.
Mr Maduro has been in power for about a decade, taking over from socialist leader Hugo Chavez, who died in 2013.
Under Mr Chavez, Venezuela prospered for several years due primarily to the high price of oil – on which its economy principally depended – but the country witnessed a democratic backslide, with press freedoms suppressed, electoral laws changed and government critics jailed.
When oil prices dropped in 2014, Venezuela's economy slid into chaos, with the currency becoming essentially worthless and inflation reaching a global high, as poverty, scarcity and violence skyrocketed.
In addition, Venezuela has been the target of numerous US sanctions that have been strengthened throughout Mr Maduro's time in office.
The years under Mr Maduro have been turbulent ones – from the shuttering of the opposition-controlled National Assembly to a coup attempt to millions leaving the country in pursuit of better opportunities.
Despite international criticism over his second presidential win in 2018, Mr Maduro has maintained that he has the backing of the people, though both the opposition and observers have said that he and his party have used intimidation, vote tampering and other tactics to remain in power.
There was hope, however, that these elections would be different. The US had in October eased sanctions on Venezuela's oil and gas industry to incentivise the Maduro government to hold free and fair elections.
But Mr Maduro failed to meet these commitments, according to the US government, and the licence allowing for an easing of sanctions was allowed to expire.
In addition to the forced absence from the ballot of Ms Corina Machado - who swept the opposition primaries with about 90 per cent of the vote - more than 130 opposition backers have been arrested since January, AFP reported. Most have been released but dozens are still being held.
Mr Maduro said he would guarantee peace and economic growth if he returned to power, making Venezuela less dependent on oil income, but on the campaign trail, he vowed there would be a “bloodbath” if he was not re-elected.
After the results were announced, Mr Maduro announced that there had been a “massive hack” of the electoral commission's transmission system. The country's public prosecutor has accused Ms Corina Machado and the opposition of election sabotage.
Several regional and international leaders have voiced their concerns over the elections.
US Secretary of State Antony Blinken expressed “serious concerns” that the results do not reflect the will of the Venezuelan people.
“It's critical that every vote is counted fairly and transparently, that election officials immediately share information with the opposition and electoral observers without delay and that the electoral authorities publish detailed tabulation of votes,” Mr Blinken said, noting that the international community was watching closely and would respond accordingly.
Chile's President Gabriel Boric said the results were “hard to believe”, while Uruguay's President Luis Lacalle Pou called the election “clearly flawed”. Peru has recalled its ambassador and Ecuador's Foreign Ministry rejected the “lack of transparency”.
Many neighbouring countries are likely to be concerned over the possibility of enhanced political turmoil in Venezuela, as roughly a third of the population has left the country, fleeing to other parts of the region, including the US.
The flow of migrants has placed great strain on South American countries that were already dealing with high levels of poverty, and Venezuelans now face growing hostility in their new homes.
A lack of full transparency over the elections from Caracas is also likely to lead to the continuation of US sanctions on Venezuela and the potential introduction of new ones, further hamstringing the country's economy.
The US will continue to assess its sections policy towards Venezuela, senior administration officials said on a call on Monday.
“Our concern here is that last night, the National Electoral Council of Venezuela announced a result, but that does not track with data that we have received through account mechanisms and other sources, which suggests that the result that was announced may be at odds with how people voted, and so that is the principal source of our concern,” one of the officials said.
COMPANY%20PROFILE
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
COMPANY%20PROFILE%20
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.